Rise of the Chief Data Officer

June 21, 2012 – Over 60 percent of firms surveyed are actively working towards creating specialized data stewards, and eventually Chief Data Officers, for their enterprise, according to a survey by GoldenSource Corporation.

While firms varied in their progress toward a central data governance structure, nearly all were moving from a decentralized to commonly shared model for oversight and control functions, according to GoldenSource’s first annual client survey, which was taken at its biannual client forum. The survey explored the enterprise data management practices of GoldenSource clients across the Americas, Europe and Asia Pacific regions. GoldenSourcem helps financial firms manage reference, transaction and positions data.

“Four years after the financial crisis, institutions are still struggling to get a 360-degree view of their data. Relying solely on mapping instrument data to security masters is no longer an option,” said Stephen Engdahl, senior vice president of product strategy for GoldenSource, in a statement. “It is essential to risk management, regulatory requirements, and operational efficiency that data management is viewed as a business function, whose quality and governance apply across the enterprise.”

Moreover, Engdahl said, the results of the survey also emphasized that considering organizational, policy, and behavioral realities in which a data control framework operates is as important as the underlying technology platforms that enable it. Appointing data stewards and Chief Data Officers to galvanize governance as a shared service across these firms will be crucial to success.”

This was the first GoldenSource client forum to be held in Asia-Pacific. This reflects the expanding customer and operational presence in the region. APAC participants echoed their global counterparts, affirming that the data stewardship role has improved quality and ownership of shared data assets. Of those who participated in the survey, 80 percent of clients in the Americas, 60 percent in Europe, and 50 percent in Asia Pacific are already structuring their organizations in a way that empowers an enterprise wide data officer.